Weekend Reading: Simplii Financial Edition

President’s Choice Financial will end its 20-year banking agreement with CIBC beginning November 1st. CIBC, which managed the personal banking services for Loblaws under the PC Financial name, will now take direct control of the roughly $2 million PC Financial bank accounts under the new name – Simplii Financial. PC Financial is keeping its credit card(s) and loyalty program intact.

The news caused a bit of an uproar in online communities but because CIBC essentially ran things behind the scenes anyway the transition should be painless. Here Rob Carrick explains five things to know if you’re a PC Financial client. The bottom line: Give CIBC a chance to keep your business. They might surprise you.

Carrick ends with a jab at the name – Simplii Financial “sounds a bit sillii”. That sentiment was echoed online in the personal finance community Reddit:

My Own Advisor Mark Seed has a housing dilemma: A move into the city (Ottawa) gets him and his wife closer to amenities they enjoy, but the likely more expensive home could impact their plans for early retirement.

My advice: Make the move, Mark. Your happiness, including a shorter commute, is worth it even if it means a few extra years of work.

2 Comments

Ha! Well, your post reminded me of one I wrote before we decided to sell our starter home and move in to our current home. I presented it as a dilemma, but really our minds (well, my wife’s mind) was already made up 😉